FROM THE OFFICE OF PUBLIC AFFAIRS
May 14, 2004
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Secretary Snow Visits New York on Monday to Present New Market Tax Credit Awards to Seven Local Organizations
Secretary John W. Snow will travel to
The presentation of the awards will take place at Federal Hall,
The seven organizations selected to receive awards are: Empowerment Reinvestment Fund, LLC ($25 million), GreenPoint New Markets, L.P. ($85 million), HEDC New Markets, Inc. ($135 million), Independence Community Commercial Reinvestment Corporation ($113 million), New Jersey Community Development Entity, LLC ($125 million), Related Community Development Group, LLC ($140 million), and TCG Community Enterprises, LLC ($125 million).
The New Market Tax Credit program attracts private-sector capital investment into urban and rural low-income areas to help finance community development projects, stimulate economic opportunity and create jobs in the areas that need it most. The NMTC Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments supporting certain business activities in low-income communities. The credit provided to the investor totals 39 percent of the initial value of the investment and is claimed over a seven-year credit allowance period. The 62 organizations receiving tax credit allocations this year were selected through a competitive application and rigorous review process.
More information on the NMTC program can be found at www.cdfifund.gov.
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